Question

gdp is best defined as the total market value of all: a. goods and services produced within a country within a given time. b. final goods and services produced within a country within a given time. c. services produced within a country within a given time. d. goods produced within a country within a given time. e. final goods produced within a country within a given time.

Answer 1

The Gross Domestic Product (GDP) is the total market value of all final goods and services produced within a country within a given time. It helps economists measure the size of a nation's economy.

Step-by-step explanation:

The Gross Domestic Product (GDP) is best defined as the total market value of all final goods and services produced within a country within a given time.

Final goods are goods at the furthest stage of production at the end of a year, and statisticians who calculate GDP must avoid double counting, where output is counted more than once as it travels through production stages. For example, if a tire manufacturer produces tires and an automaker sells a truck that includes those tires, counting the value of the tires twice would be a mistake.

GDP is a measure of the current value of all final goods and services produced in a nation within a year, and it helps economists measure the size of a nation's economy.